We study the impact of the first wave of the Covid-19 pandemic on the demand for risk life insurance in Finland. Using individual data, we predict new purchases of term life insurances by indicators of pandemic risks. Results show that a 1% increase in policy uptake corresponds to a 10% increase in the severity of Covid-19 risk measures. Notably, individuals with higher education and substantial life insurance gaps exhibited a more pronounced reaction to the Covid-19 pandemic than other groups. The unchanged pricing of insurance policies allowed us to isolate the impact of higher risks.
The Geneva Risk and Insurance Review, published online 21.7.2026.
